Introduction of the term Internal Audit
Give a brief introduction of the term Internal Audit and also write down the Role of Internal Audit?
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The internal audit is a constant review of records and operations undertakes in the business and is normally completed by specially assigned employees. It must operate independently of all the internal check and in no case must strip any one of the responsibilities placed upon him. Internal auditing is an independent review activity in an organization for the appraisal of operations as a service to management. It is managerial control that functions by evaluating and measuring the efficiency of other controls.
To accomplish its aims the auditor has to appraisal the subsequent areas:
i) Integrity and Reliability of the information.
ii) Fulfillment with the policies, procedures, plans, laws and regulations.
iii) Protection of assets.
iv) Efficient and Economical employ of resources.
v) Achievement of established aims and objectives for operations or programs.
What is the difference between Top line revenue and Bottom line revenue.
A signed letter from the auditor of a company, included in the annual report, that state whether or not the finan- cial statements fairly present the results of operations and the financial position of the company. An annual audit is required by the Exchange and Securities Commissi
Elucidate the differentiation between External Audit and Internal Audit?
A subgroup of the board of directors composed of directors who are independent of an organization and not employed by organization. The committee acts on behalf of the full board and all stockholders to check on management actions and it has responsibility for the soundness of the
Tell me that how we can calculate the internal control audit?
What is the liability of Internal Audit Charter?
The length of the writing / reportmust not exceed 1000 words. Words in Bibliography or Reference Lists section are not included in the word count. 3 marks will be given for the contents (sources and understanding of industry and able to link audit objectives with findings); 1 mark will be given ba
Write down the importance of Internal Audit?
Financial Audits: It is a financial audit and is the critical analysis of the business's financial records and documentations. This can be completed at any level, from local to governmental. The financial profile or financial audit of the company will
1. A portfolio manager uses a T-bond futures contract to hedge a bond portfolio over the next 4 months. The portfolio is worth $75 million and will have duration of 5 years in four months. The futures price is 118 and each contract is for $200,000. There are three bon
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